Overnight press: RBA’s Edwards says the Aussie dollar is still too high

RBA board member John Edwards, in an interview in the Wall Street Journal overnight:

• The Australian dollar is still too high
• It remains a brake on economic growth
• It is likely to fall further in coming months
• $A needs to weaken more to cushion the economy from the rapid cooling of the mining-investment boom

It is “still a bit too strong to help, to the extent it could, in the transition we need to make,” he said.

Says the next leg down for the Aussie$ will come when the U.S. Federal Reserve begins to wind back its bond-buying program

Australian Dollar Still Too High, Says Central Banker (The Wall Street Journal is often gated, so if you’re unable to access the article try a search of Google news using the headline)